Essar comment on NCLT judgement

Mar 8th, 2019

We continue to believe that our settlement proposal of Rs 54,389 crore is the most compelling one available to Essar Steel creditors and fulfills the IBC’s declared overriding objective of value maximisation, which has been established time and again by courts at all levels. We are also confident of the legal validity of our said offer made under Section 12A, which provides for the withdrawal from the IBC process by making full payment to the creditors.

We are awaiting a copy of the NCLT order, and will take a call on next steps after examining the same.